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Income from work after retirement: exploring policy lessons

Income from work after retirement: exploring policy lessons. S ymposium organised by Eurofound IFA conference 29 May 2012, Prague. Work after retirement: needs, interest & opportunities. Outline: 1. Trend in paid work after retirement in the EU27

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Income from work after retirement: exploring policy lessons

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  1. Income from work after retirement: exploring policy lessons Symposium organised by Eurofound IFA conference 29 May 2012, Prague

  2. Work after retirement:needs, interest & opportunities Outline: 1. Trend in paid work after retirement in the EU27 2. Why have retirees been taking-up work? 3. Who are these working retirees and what do they do? IFA conference symposium “Income from work after retirement: exploring policy lessons” 29 May 2012, Prague Hans Dubois Eurofound, Living Conditions & Quality of Life unit This presentation is based on: Eurofound (2012, forthcoming) Income from work after retirement. Dublin: Eurofound.

  3. %-point increase employment rate 65-69 year olds 2005Q4 vs 2011Q4 1. TREND IN PAID WORK AFTER RETIREMENT IN THE EU27 More than 1 out of 10 Europeans between 65-69 does paid work. Up from 8.9% (2005Q4) to 10.8% (2011Q4).

  4. The drivers of work after retirement 2. WHY HAVE RETIREES BEEN TAKING-UP WORK? Strength of each driver’s impact depends on individual & regional situations.

  5. FINANCIAL NEED • Income • Lower than before retirement • Pensions are the principal source for most Europeans • Cost • Health, mortgages • Public cuts increased cost for most

  6. Difficulties (some to great) with making ends meet, 65+ (2010) Source: SILC data from Eurostat online database, downloaded 20 Feb 2012

  7. Longer run: adaptation of pension systems, increased employment among younger cohorts and increased productivity can contribute to solving inadequacy • More immediate: retirees have been taking up paid work • Not only because of financial need, but also because many want to work after the retirement age…

  8. B) INTEREST 33% wants to continue working after official retirement age, especially those closer to retirement 8 Source: Special Eurobarometer 378

  9. In the EU27, around 1/5 works purely because of financial need

  10. Labour market Sufficient jobs Suitable jobs (e.g. skills mismatch) Individual Health Caring commitments Skills Company/government/collective labour agreements(institutional structures) Supporting services (public/private) Age-adapted workplaces No discrimination against older workers Flexible work arrangements Financial (fiscal, benefits) & legal arrangements Society Cultural: perceived to be ‘normal’/’acceptable’ C) OPPORTUNITIES

  11. 3. WHO ARE THESE WORKING RETIREES AND WHAT DO THEY DO? Who are they? Mainly healthy, relatively young retirees Highly educated (& living in urban areas) more likely to continue working, but many lower educated as well, and medium is the group which shows most growth Mainly male Sources: * Calculated from LFS data from Eurostat online database, ** Eurofound analysis of ESS data

  12. What do they do? Most: • Self-employed • more likely self-employed continue working • - not accumulate enough pension • - work more enjoyable and more important role in life • - succession issues • salaried more often become self-employed in retirement than vice versa • - fulfil dream • - most attractive working conditions • - contractual formality, while effectively ‘salaried’ • - no alternative • Part-time • Temporary • Often in agriculture/fishery, rarely in public administration Source: Calculated from LFS data from Eurostat online database

  13. Clusters of working retirees

  14. Thank you!Hans.Dubois@eurofound.europa.euDublin, Ireland

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